Pune's Kinetic Engineering Ltd. disclosed its Q3 FY24 financial results today, reporting a net profit of Rs 94 lakh for the quarter ending December 31, 2023. This marks an increase from the Rs 47.23 lakh recorded during the same period the previous year.
The company's operating revenue during Q3 FY24 stood at Rs 34.30 crore, surpassing the Rs 32.75 crore achieved in Q3 FY23.
Ajinkya Firodia, Managing Director, Kinetic Engineering Limited, said, “Q3 has been a standout quarter for us with substantial progress. Our deep understanding of automotive industry trends positions us effectively to respond to evolving consumer needs."
Further, the KEL stated in a statement that the company's stock price has surged to a 20-year high, reaching Rs 211, which it claims stands as a testament to investor confidence and market optimism, particularly following the launch of E-Luna and the promising outlook for Kinetic's future.
"Achieving a market capitalization of Rs 470 crore, the highest in the past decade, speaks volumes about the market's confidence in KEL’s growth trajectory," Firodia added.
Autocar Professional, earlier this month reported about Kinetic's plans to leverage the booming e-commerce market and the growing need for gig workers for last mile delivery in emerging markets. The company is looking at a global play with its upcoming Luna in an electric avatar. It sees the group's revenues double to Rs 2000 crore by the end of 2025.